Re: Capital Gain
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Posted by Gary Trimmier on July 17, 2006 at 09:22:39:
In Reply to: Re: Capital Gain posted by Mark on July 16, 2006 at 14:01:37:
: : Mark,
: : I have been given stock over the years. How do I record this activity. The stock was free, so any value increase is all gain, however if I sell it the capital gain is based on the price when I received it. The capital gain does not show up in any of the capital gain reports. Am I doing something wrong?
: : Thanks,
: : Gary T. :
: Hi Gary, : If you receive stock as a gift, you should record the buy transaction at a price of $0. Purchases and redemptions can be made at any price, it doesn't have to be the same as the closing price on the date you received it. : Thanks,
: Mark Mark,
Thanks. I did record the stock with a purchase price of $0. However when a run any of the capital gain reports after I sell the stock it shows a 100% gain. Now that is true for the value, however it is not true for tax reporting. The capital gain/loss should be the difference of the value when I or giver received the stock and when it was sold.
Thanks again,
Gary T.
: --
: Fund Manager - Portfolio Management Software
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